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South Australian mining company Havilah and multibillion-dollar copper player Sandfire have struck an agreement this morning to take advantage of a major copper-gold deposit in the state’s northeast. Announced today, the pair would advance the Kalkaroo Copper-Gold Project and establish an exploration partnership across the “highly prospective” Curnamona Province, 450 km northeast of Adelaide. Shares in Havilah surged 27.7 per cent on the back of the announcement. The site was situated east of copper giant BHP’s copper province in the state’s far north which was comprised of three mines, including the immense Olympic Dam underground mine. In a joint announcement to shareholders, the companies said the agreement would create “a rapid pathway to unlock one of Australia’s largest undeveloped open pit copper-gold deposits by bringing together Australia’s largest listed, independent copper producer and a local partner and proven explorer”. Sandfire would commit $30 million to exploration activities over the next two years under the agreement, and would acquire an 80 per cent interest in Kalkaroo from Havilah for up to $210 million, comprised of cash and Sandfire shares. The larger of the two partners, Sandfire, said it could expand the existing ore reserve and would undertake a pre-feasibility study to test the extent of the ore body. Association of Mining and Exploration Companies CEO Warren Pearce said the “discovery of the Kalkaroo deposit, combined with copper prices at record highs, makes this agreement with Sandfire both timely and strategically significant”. Havilah is an AMEC member. “South Australia has long been recognised as a leading copper province, and this deal will help unlock further opportunities, delivering benefits for the state and its communities,” he said. “The partnership between Havilah and Sandfire to advance the Kalkaroo copper‑gold project marks a major step forward for the Curnamona province and for South Australia’s resources sector. “Junior explorers play a critical role in identifying new opportunities, and this collaboration between Havilah and the established copper producer Sandfire highlights the strength and value of South Australia’s mining industry.” Sandfire CEO and managing director Brendan Harris said the company was “thrilled to have the opportunity to work with the Havilah team to de-risk the Kalkaroo copper-gold project”. He said it was “in a preferred jurisdiction with ready access to key road, rail and energy infrastructure and ground water supply, and skilled labour from Adelaide, Broken Hill and the broader regional community”. “We also look forward to working with the South Australian government and other local stakeholders to advance this important project by leveraging our core capabilities and investing in the region,” said Harris. “The decision to move into the Curnamona Province in South Australia is fully aligned with our strategy and has the potential to replicate our successful entry into the Kalahari Copper Belt.” Havilah technical director Dr Chris Giles said the company was “very pleased” to reach the agreement with Sandfire. “Immediate value for Havilah shareholders will be realised via an upfront payment, which also gives Havilah a direct stake in Sandfire’s successful global mining operations via the share component,” Giles said. “Exposure to longer-term value is also achieved via Havilah’s retained 20 per cent interest in Kalkaroo. “The funding under the exploration strategic alliance will allow us to accelerate regional exploration in South Australia with the objective of transforming the highly prospective Curnamona Province into Australia’s next major copper province, centred on the Kalkaroo project development.” The deal required regulatory and shareholder approvals. Kalkaroo’s neighbour BHP recently announced it would spend $840 million on expanding its Olympic Dam copper mine in order to boost its copper base from 1.7 million tonnes to 2.5 million tonnes each year. While Olympic Dam already extended hundreds of metres underground, the company was yet to find the bottom of the deposit. BHP’s stable of Olympic Dam, Carrapateena and Prominent Hill mines combined was the third-largest copper resource in the world. Silver, uranium and gold were also mined across the resources. The company had already announced a smelter refinery project to expand refinery capacity and increase copper production to approximately 500 ktpa, and potentially up to 650 ktpa. This would involve the development of a two-stage smelting process, and expand refining facilities to produce cathode copper, gold and silver. At the time of BHP’s expansion announcement in October, South Australian Premier Peter Malinauskas said the expansion of Olympic Dam was key to a net-zero emissions future. “Copper is the key to electrification of transport fleets, for building renewable energy infrastructure, and for energy generation, distribution and storage,” he said. “South Australia is at the epicentre of copper. BHP realises that, which is why it is investing billions of dollars in South Australia, to unlock the next massive copper opportunity – and it starts with massively growing Olympic Dam.”

Unknown • November 13, 2025

Announced today, the pair would advance the Kalkaroo Copper-Gold Project and establish an exploration partnership across the “highly prospective” Curnamona Province, 450 km northeast of Adelaide.

Shares in Havilah surged 27.7 per cent on the back of the announcement.

The site was situated east of copper giant BHP’s copper province in the state’s far north which was comprised of three mines, including the immense Olympic Dam underground mine.

In a joint announcement to shareholders, the companies said the agreement would create “a rapid pathway to unlock one of Australia’s largest undeveloped open pit copper-gold deposits by bringing together Australia’s largest listed, independent copper producer and a local partner and proven explorer”.

Sandfire would commit $30 million to exploration activities over the next two years under the agreement, and would acquire an 80 per cent interest in Kalkaroo from Havilah for up to $210 million, comprised of cash and Sandfire shares.

The larger of the two partners, Sandfire, said it could expand the existing ore reserve and would undertake a pre-feasibility study to test the extent of the ore body.

Association of Mining and Exploration Companies CEO Warren Pearce said the “discovery of the Kalkaroo deposit, combined with copper prices at record highs, makes this agreement with Sandfire both timely and strategically significant”. Havilah is an AMEC member.

“South Australia has long been recognised as a leading copper province, and this deal will help unlock further opportunities, delivering benefits for the state and its communities,” he said.

“The partnership between Havilah and Sandfire to advance the Kalkaroo copper‑gold project marks a major step forward for the Curnamona province and for South Australia’s resources sector.

“Junior explorers play a critical role in identifying new opportunities, and this collaboration between Havilah and the established copper producer Sandfire highlights the strength and value of South Australia’s mining industry.”

Sandfire CEO and managing director Brendan Harris said the company was “thrilled to have the opportunity to work with the Havilah team to de-risk the Kalkaroo copper-gold project”.

He said it was “in a preferred jurisdiction with ready access to key road, rail and energy infrastructure and ground water supply, and skilled labour from Adelaide, Broken Hill and the broader regional community”.

“We also look forward to working with the South Australian government and other local stakeholders to advance this important project by leveraging our core capabilities and investing in the region,” said Harris.

“The decision to move into the Curnamona Province in South Australia is fully aligned with our strategy and has the potential to replicate our successful entry into the Kalahari Copper Belt.”

Havilah technical director Dr Chris Giles said the company was “very pleased” to reach the agreement with Sandfire.

“Immediate value for Havilah shareholders will be realised via an upfront payment, which also gives Havilah a direct stake in Sandfire’s successful global mining operations via the share component,” Giles said.

“Exposure to longer-term value is also achieved via Havilah’s retained 20 per cent interest in Kalkaroo.

“The funding under the exploration strategic alliance will allow us to accelerate regional exploration in South Australia with the objective of transforming the highly prospective Curnamona Province into Australia’s next major copper province, centred on the Kalkaroo project development.”

The deal required regulatory and shareholder approvals.

Kalkaroo’s neighbour BHP recently announced it would spend $840 million on expanding its Olympic Dam copper mine in order to boost its copper base from 1.7 million tonnes to 2.5 million tonnes each year.

While Olympic Dam already extended hundreds of metres underground, the company was yet to find the bottom of the deposit.

BHP’s stable of Olympic Dam, Carrapateena and Prominent Hill mines combined was the third-largest copper resource in the world. Silver, uranium and gold were also mined across the resources.

The company had already announced a smelter refinery project to expand refinery capacity and increase copper production to approximately 500 ktpa, and potentially up to 650 ktpa. This would involve the development of a two-stage smelting process, and expand refining facilities to produce cathode copper, gold and silver.

At the time of BHP’s expansion announcement in October, South Australian Premier Peter Malinauskas said the expansion of Olympic Dam was key to a net-zero emissions future.

“Copper is the key to electrification of transport fleets, for building renewable energy infrastructure, and for energy generation, distribution and storage,” he said.

“South Australia is at the epicentre of copper. BHP realises that, which is why it is investing billions of dollars in South Australia, to unlock the next massive copper opportunity – and it starts with massively growing Olympic Dam.”

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